In the case of Coughlin v. South Canaan Cellular Investments, LLC, C.A. No. 7202-VCL (Del. Ch. July 6, 2012), Respondents made a request for fee shifting under the bad-faith exception to the American Rule.  In reviewing this fee shifting request, the Court found that Respondents’ request itself was unfounded, and coupled with Respondents’ own conduct in the case, instead awarded Petitioner his fees in costs in the amount of $17,906.

Introduction

Introduction

On February 10th, electricity operator LSP Energy LP ("LSP") filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  As stated in court filings, LSP owns and operates an electricity plant located in Batesville, Mississippi.  Aside from its gas-fired electric generation facility, LSP's assets consist primarily of 58 acres of land in which it operates its facility.  See Declaration of LSP's President in Support of First Day Motions (the "Declaration" or "Decl.").

Last month, Jeoffrey Burtch (the "Trustee"), as Chapter 7 Trustee for the Opus South Bankruptcy, began filing preference complaints seeking to recover what the Trustee alleges are avoidable transfers under the Bankruptcy Code.  For those unfamiliar with the Opus South bankruptcy, the company filed petitions for bankruptcy in the Delaware Bankruptcy Court on April 22, 2009.  The Opus South bankruptcy began as a chapter 11 reorganization.  However,  on August 27, 2010, the Bankruptcy Court entered an order converting the case to a chapter 7 liquidation.  The Trustee w

Summary

Summary

In an opinion published May 20, 2011, Judge Walsh held that a settlement agreement which is rejected in a bankruptcy proceeding is “Core” and will be decided by the Bankruptcy Court, even when it contains a jurisdictional clause that requires the agreement to be interpreted according to the laws of New York. Judge Walsh’s opinion is available here (the “Opinion”).

Background

Now we can add Program Manager’s Technical Advice or “PMTA” to the list of administrative projects on tax matters that are open to FOIA and review by the tax practitioner community. One area that needs some help are investors in tenancy-in-common programs. On May 15, 2010, the Service issue PMTA 2010-05 which provides an legal analysis from Chief Counsel’s office directed to IRS program managers in the field.

On October 28, 2010, Banning Lewis Ranch Co. LLC and Banning Lewis Ranch Development I & II, LLC (collectively, "Banning"), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. A copy of one of the Banning bankruptcy petition is available here for review. Banning owns over 21,000 acres of land situated on the east side of Colorado Springs, Colorado.

Earlier this month, I submitted a post looking at an Opinion in the Eclipse Aviation bankruptcy. In the Eclipse Opinion, Judge Walrath discussed the subject matter jurisdiction of the Bankruptcy Court. Specifically, the Court looked at whether certain claims brought by a plaintiff fell within the Court's "related to" jurisdiction.

On February 1, 2010, the United States Bankruptcy Court for the District of Delaware revised its Local Rules. A clean copy of the Local Rules are available here.